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NY A10247
Bill
Status
2/12/2026
Primary Sponsor
John Mikulin
Click for details
AI Summary
- Establishes the "Empire Innovation Act" modifying the Excelsior research and development tax credit for participants in the Excelsior Jobs Program
- Allows participants to claim a credit equal to the full cost of their R&D expenses incurred in New York state during the taxable year
- Reduces the credit to 50% of the federal R&D tax credit amount if the participant also receives a federal R&D tax credit on those same expenses
- Maintains existing caps: 6% for standard projects, 8% for green/Green CHIPS projects, and 7% for semiconductor supply chain projects
- Takes effect immediately upon enactment
Legislative Description
Enacts the "empire innovation act"; provides that a participant in the excelsior jobs program shall be eligible to claim a credit equal to the portion of the full cost of the participant's research and development expenses incurred that relates to the participant's research and development expenditures in New York state during the taxable year; provided however, if the participant receives a federal research and development tax credit calculated on the full cost of the participant's research and development expenses that relates to the participant's research and development expenditures in New York state during the taxable year, then said participant shall only be eligible to claim a credit equal to fifty percent of the portion of the participant's federal research and development tax credit that relates to the participant's research and development expenditures in New York state during the taxable year.
Last Action
referred to economic development
2/12/2026